X0306 4 2020-01-01 0001481792 Quad/Graphics, Inc. QUAD 0001495362 Fowler John C C/O QUAD/GRAPHICS, INC. N61 W23044 HARRY'S WAY SUSSEX WI 53089 1 Class A Common Stock 2020-01-01 4 A 0 25511 0 A 136184 D Class B Common Stock Class A Common Stock 7086 7086 I As Trustee - HVF Tr Class B Common Stock Class A Common Stock 7087 7087 I As Trustee - IMF Tr Class B Common Stock Class A Common Stock 7087 7087 I As Trustee - KMF Tr Class B Common Stock Class A Common Stock 156 156 I As Trustee - KQF Descen Stock Options (Right to Buy) 41.26 2020-12-31 Class A Common Stock 34218 34218 D Includes 25,511 shares attributable to deferred stock units granted under the Quad/Graphics, Inc. 2010 Omnibus Incentive Plan that will be delivered to the reporting person on the earlier of January 1, 2022 or the reporting person's separation from service. Any dividend or other distribution paid with respect to class A common stock underlying the deferred stock units shall accrue and be converted into additional deferred stock units based on the closing price of class A common stock on any such dividend date. Includes 986 additional deferred stock units resulting from payment of dividends on the Class A Common Stock underlying deferred stock units previously granted. Class B Common Stock is convertible into Class A Common Stock on a 1-for-1 basis at no cost and has no expiration date. As Trustee for the Harry Virgil Flores 2017 Trust. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein. As Trustee for the Isabella Marion Flores 2017 Trust. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein. As Trustee for the Kaitlin Mary Flores 2017 Trust. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein. As Trustee for the Kathryn Quadracci Flores 2019 Descendants' Trust. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein. All options are fully vested and currently exercisable. /s/ Sherilyn R. Whitmoyer, Attorney-in-Fact for John C. Fowler 2020-01-03